www.iva.co.uk

Can anyone offer advice

We have been in our IVA for 7 months and have maintained our payments as agreed.

The problem we have is that my son who is autistic is requiring more and more support and this is affecting my job. I may eventually need to give up my current job and get something part time closer to home.

I am hoping to claim DLA and Carer's allowance which will be £500 a month, I could earn £450 a month and save approx £600-700 a month on childcare, car and travel costs. Our problem is there would still be a £400 a month shortfall.

What solutions might we have???

1) Would we be allowed to sell our house and go into rented??? Only problem would be selling and there may be a shortfall from the secured loan, would they then capture that in the IVA ??? This would easily make up the shortfall.

2) Would I be able to convert my mortgage and secure loan payments to interest only until our IVA is paid??

Any advise would be appreciated

J

It may be possible to convert the mortgage to interest only but it would be more difficult if not impossible for the secured loan to be switched. Maybe Welshboy could clarify this.

Selling the house and moving into rented accommodation would be an option and the secured loan shortfall could then be added in as a debt. The savings made could address the shortfall in income and the dividend may not be affected. However, the secured loan company would need to be consulted as they would need to agree to withdraw their charge for partial settlement and have the balnce introduced into your IVA.

You have clearly given the situation a lot of thought and have a couple of potential proposals. It would be worth having your property valued to determine what shortfall there currently is and check the mortgage and secured loan agreements for any early redemption penalties. If you do decide to proceed and sell it could be worth waiting until any such penalties expire to minimise the shortfall to the secured loan.

Finally, do a couple of income and expenditure accounts depending on each scenario and discuss these with your IP. Whatever option is chosen will almost certainly require a variation so the one that does the least damage may the best way to go.

Hi Billy
You will need to speak to your IP about possibly proposing a variation to your IVA. It may be also worth checking your proposal to see if your creditors have imposed a modification that you cannot vary your agreement for the first year or two. Either way, the best thing to do is consult with your IP.

Thanks

Hi Billy

Please give your IP a ring as they are here to help you and have a specific insight into your individual case. There are probably several options you could consider, and first hand advice is always the best.

Hi Melanie,

Thanks, That is my intention once I have given the situation more thought, just want to give some consideration to what options might be available.

My head is in a very difficult place at the moment, I have a very stressful job and my son is having difficulties due to managing change which have resulted in some self injury. I have had to take some time off work although have managed to go back with support from my family.

Will be in touch with my IP as advised.

J

billy, I am so sorry to hear about your problems with your son. We have a neighbour with a severely autistic son so have some idea of what you are going through having seen their problems with him.

I am sure your IP will be sympathetic given these circumstances.

Managing the needs of children with autism is pretty much a full on job and I admire all who deal with this on a daily basis. My best friend's little boy is autistic, and absolutely adorable - but I often see her at the edge of despair in trying to cope with his needs.

Call your IP for a chat. You will definately feel better for doing so, and they will listen and try and help as much as they can.

Our neighbours son is now 18 and is a total handful. He has turned violent on occasion.

I truly admire anyone who has a special needs child in their household. I don't know how they do it.

Dear all,

Thankyou all so much for your support, I am very tired and emotional at the moment and struggling with even minor tasks.
I feel blessed to have all of my children but you are right it is almost a full time job. I consider myself lucky that my son has high functioning autism, he attends mainstream school although he has one to one support. He really struggles to manage his anxiety and this results on occasions in violence, agression and more recently self injury.
I am extreamly tired at the moment and it is affecting my ability to think straight.
I have a meeting on monday with my HR dept to discuss if job share is an option. My mom retires on friday so may be able to help with childcare which would significantly reduce my I & E. I will then definately give my IP a call, I am luckier than many as I know my IP is accessible and ready to listen and advise.

Kind regards J

That is good news that you have an understanding IP.

I hope you manage to get things sorted out soon, then perhaps you can relax a little and have a little 'me' time.

Big hugs coming to you. )))))HUGS(((((

billy, who is your ip as I feel that thier are a few IP's (mine included who is David Mond at cleardebt) are much more than an IP and help you through not only the tough times of an iva but also other tough times as well. The support that is given has amazed me.

HI

I am with Melanie so I know when the time comes to call her I will get great common sense advice as well as practical support.
Just need to get my head around a life changing decision.

Kids /debt / rssponsibilities all weighing a bit heavy at the moment.

I am sure things will become clearer with some time and thought.

XXX

I am sure that Melanie will do her best for you.

You're in safe hands with Melanie - she is very understanding and will do her best for you.

Good luck, and take care xxx

Thankyou all for your best wishes, I also work with adults with Learning difficulties. My personal circumstances often help me to do the job but sometimes it all gets a bit too much.

I think we have thought of a compromise, going chat it through with our IP over next few days, determined to pay back our IVA one way or another. Hubby just told me he has a 1.8% payrise ( every bit helps)Will keep you updated.

Love to you all you wonderful people

xxx